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BHP, Mitsubishi explore sale of coal JV; Midstream dealmaking wave dries up

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Insight Weekly: Labor market recovery hurdles; power market integration; nonbank M&A hunt

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ESG & Technology: Impacts and Implications

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Q&A: Q2'21 Power Forecast: Overheated Power Markets are Here – Who Wins, Who Loses, and Why?

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Essential Energy Insights - October 2021


BHP, Mitsubishi explore sale of coal JV; Midstream dealmaking wave dries up

Coal M&A

Report: BHP, Mitsubishi explore sale of Gregory Crinum coal JV in Queensland

BHP Billiton Group and joint venture partner Mitsubishi Corp. are preparing to initiate a formal auction for their Gregory Crinum coal complex in Queensland, Australia. Interested parties are set to participate in the auction for the asset which has not produced coal since November 2015.

China Guodian executive confirms merger with Shenhua Group

Shenhua Group Corp. Ltd. and China Guodian Corp. have submitted a merger plan between the two state-owned majors to the country's State Council. Guan said that the new group will be tentatively named National Energy Investment Group, with total assets estimated at over 1.8 trillion yuan and a debt ratio of more than 60%.

Inner Mongolia Yitai to close 3 coal mines, sell mothballed quota to parent

Inner Mongolia Yitai Coal Co. Ltd. plans to sell annual production quota of coal totaling 3.0 million tonnes to a coal production unit of its parent Inner Mongolia Yitai Group Co. Ltd. The deal was priced at 240 million Chinese yuan. Inner Mongolia Yitai expected to close the three mines by Sept. 30 before it completes the sale to its parent.

Natural gas/midstream M&A

Midstream dealmaking wave dries up as debt concerns mount

The recent rush of midstream energy dealmaking ? big mergers in 2016 and then simplifications and smaller-scale asset jockeying in the first part of 2017 ? has slowed to a trickle, with industry watchers pointing to midstream companies' leverage and dwindling Permian Basin opportunities.

Energy Transfer to sell $1.57B stake in Rover Pipeline to Blackstone

Energy Transfer Partners LP on July 31 struck a deal to sell a 32.44% stake in the 3.25 Bcf/d Rover Pipeline LLC project to funds managed by Blackstone Energy Partners LP and Blackstone Capital Partners for $1.57 billion in cash. The transaction is expected to close in the fourth quarter.

Shell Midstream enters Permian Basin to leverage Shell's shale portfolio

Shell Midstream Partners LP's entrance into the Permian Basin through its acquisition of a 50% stake in the Nautilus gas gathering system reflects a strategy to maximize what executives called the "cornerstone" of Royal Dutch Shell plc's shale assets.

CenterPoint Energy tables spinoff option for Enable, is focused on outright sale

CenterPoint Energy Inc. plans to exit its stake in Enable Midstream Partners LP through an outright sale, rather than pursuing a spinoff of the oil and gas infrastructure partnership. If a sale cannot be achieved, CenterPoint will sell down its stake in Enable through the public equity markets.

Pembina looking for merger with Veresen to tap into export-boosted demand

Pembina Pipeline Corp.'s pending merger with Veresen Inc. would fill "a big missing piece" in the form of export opportunities and gas services offerings. Pembina looks forward to providing western Canadian producers an outlet for gas takeaway into the U.S.

Devon Energy advances $1B divestiture program with Eagle Ford assets sale

Devon Energy Corp. agreed to monetize its Lavaca County assets in the Eagle Ford play in a deal expected to close by the end of 2017. The transaction, along with minor asset sales across its U.S. operations, advances the company's proceeds for its $1.0 billion divestiture program to $340 million.

Gas Natural completes merger with BlackRock energy fund

Gas Natural Inc. and a fund managed by BlackRock Real Assets' Global Energy & Power Infrastructure group completed their merger as scheduled Aug. 4. With the acquisition, the utility company becomes a natural gas distribution platform for BlackRock.